1️⃣ Yesterday we looked at the address attribution challenge that #VASPs face while complying with the Travel Rule.
So today, we will look at its solution!💡
And which solution are we talking about? Well, of course, Shyft Discover 🔎
Let's see what it is all about! 👀
2️⃣ Shyft Discover enables a VASP to know who their counterparty VASP is! 🔎
But why is it so important? 🤔 Under the Travel Rule, #VASPs have to share user data along with the crypto transaction.
And it goes without saying user data is sensitive information.
3️⃣ So, if an originator VASP doesn't identify & verify the beneficiary VASP:
It may end up sharing critical information with a wrong VASP with dubious intentions. 🚨
And that will mean a data privacy breach. ⚠️
4️⃣ What should VASPs do? Well, all that VASPs need is Shyft Discover. 💡
After all, it auto-detects 🔎 counterparty VASPs!
And for auto-detecting the counterparty VASP, they only need a crypto wallet address.
Interesting! Right?
5️⃣ We will go over how VASPs can use Shyft Discover in tomorrow's thread!
Do you have any questions? Leave them in the comments below & we will make sure to answer them asap!
@threadreaderapp unroll
Share this Scrolly Tale with your friends.
A Scrolly Tale is a new way to read Twitter threads with a more visually immersive experience.
Discover more beautiful Scrolly Tales like this.